The Best Mortgage Lenders in Ashley, IL
Compare verified mortgage lenders serving Ashley, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ashley
Featured Mortgage Lenders
Mortgage Department
First National Bank of Vandalia
As the closest established community bank to Ashley (approximately 15 miles away), First National Bank of Vandalia has served Southern Illinois for over 150 years with exceptional local mortgage services. They maintain a 4.8-star rating across multiple review platforms with particular praise for their personalized service, competitive rural lending programs, and deep understanding of local property markets. Their mortgage team specializes in agricultural and rural property financing, making them ideal for Ashley residents. With strong USDA and FHA lending expertise, they're particularly well-suited for first-time homebuyers in the region.
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Mortgage Lending Team
First Mid Bank & Trust
First Mid Bank & Trust serves the Ashley area from their Centralia location approximately 25 miles away, bringing over 150 years of community banking experience to mortgage lending. They've earned a 4.7-star rating for their exceptional customer service, local underwriting decisions, and competitive rate offerings. Specializing in Southern Illinois home financing, they offer unique advantages like local loan servicing and relationship-based pricing. Their strong agricultural lending background and understanding of rural property values make them particularly valuable for Ashley homebuyers seeking personalized mortgage solutions.
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Mortgage Services
Scott Credit Union
Scott Credit Union serves the Ashley community through their Centralia branch with consistently high ratings for mortgage lending excellence. With a 4.6-star rating across multiple platforms, they're praised for competitive rates, low fees, and exceptional member service. They specialize in first-time homebuyer programs and offer unique benefits like rate discounts for existing members and flexible credit requirements. Their strong presence throughout Southern Illinois and understanding of the local real estate market make them a top choice for Ashley residents seeking comprehensive mortgage services with credit union advantages.
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Frequently Asked Questions
Common questions about mortgage lending in Ashley, IL
What are the current average mortgage rates for homebuyers in Ashley, IL?
Mortgage rates in Ashley typically align with national averages but can vary based on local lenders and property types. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rural properties might see slightly higher rates. It's best to check with local Ashley banks or credit unions for the most current offers.
Are there any first-time homebuyer programs specifically available in Ashley?
Yes, Ashley homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders in Washington County may offer special first-time buyer incentives, so it's worth asking about local options when shopping for mortgages.
How does Ashley's rural location affect the mortgage process?
Ashley's rural setting means some properties may require USDA loans, which are popular here due to the town's eligibility for USDA rural development programs. Appraisals might take slightly longer as appraisers often travel from larger metro areas. Also, well and septic inspections are common requirements for mortgage approval in this area.
What types of properties typically qualify for USDA loans in Ashley?
Most residential properties in Ashley qualify for USDA loans since the entire town is designated as rural by USDA standards. This includes single-family homes, townhomes, and approved condos, provided they meet USDA property requirements and are located within Ashley's incorporated areas. The program is particularly beneficial as it requires no down payment.
Are property taxes in Ashley typically included in mortgage escrow accounts?
Yes, most lenders in Ashley will include Washington County property taxes in your escrow account, with annual rates typically around 1.5-2% of the home's assessed value. Your mortgage payment would then include 1/12 of the annual tax bill each month, which the lender pays directly to the county treasurer when taxes are due.
Why Choose a Mortgage Lender in Ashley?
Local Market Knowledge
Lenders who understand Ashley's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Ashley and get competitive rates on your home loan.